Orosur Mining Inc. ("Orosur" or the "Company") (TSXV:OMI)(AIM:OMI), is pleased to announce successful completion of the first phase of a two phase exploration joint venture ("JV") over the El Pantano gold project in Santa Cruz province, Argentina ("Project" or "El Pantano"). This milestone marks a significant step forward in the Company's strategic development of the Project.
Having invested US$1m over three years, the Company has now earned a direct 51% interest in the Argentine company, Deseado Dorado S.A.S ("Deseado"), that owns the exploration licences that make up the Project.
The Company can now move to the second phase of the JV, that could see it move to 100% ownership of Deseado upon investment of an additional US$2m over two years. Upon such an outcome, the original vendors would then retain a residual 2% NSR royalty, 1% of which the Company could repurchase at its election for US$1m.
El Pantano is an early-stage gold/silver exploration project in Santa Cruz province, southern Argentina. The Project comprises a number of contiguous, granted exploration licences totalling some 560km2 in the prolific Deseado Massif geological province. The Deseado Massif plays host to a number of world class gold and silver deposits, including Newmont's Cerro Negro mine and Anglo Gold's Cerro Vanguardia operation.
The Project was in an early-stage, greenfield state, having seen little or no historical exploration before commencement of the JV in early 2022. However, Company geological teams felt the Project held enormous potential on the basis of regional geological data, suggestive of the presence of a large epithermal system.
Over the last three years, the Company's geological teams have been methodically undertaking base level geoscience surveys including ground magnetics, geological mapping and surface geochemistry. These data support the rift-related low-sulphidation epithermal model, with identification of a 25km long rift structure with pervasive silicification, quartz veining and geochemical anomalism over a huge area.
The Company is to soon commence induced polarisation surveys ("IP") designed to define silicified drill targets.
Orosur CEO Brad George commented:
"We are delighted to have reached this key stage in the Exploration Agreement. In particular we see the work to date as tremendous testament to the value of back to basics, grass roots exploration - taking an unwanted, untouched region, doing the work, and transforming it into a huge and extraordinarily exciting prospect in a world class province at a time of record gold prices. Together with our partners we are starting to prepare for Phase 2 of the Project, and we look forward to accelerated exploration activities"
For further information, visit www.orosur.ca, follow on X @orosurm or please contact:
Orosur Mining Inc Louis Castro, Chairman, Brad George, CEO info@orosur.ca Tel: +1 (778) 373-0100
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
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About Orosur Mining Inc.
Orosur Mining Inc. (TSXV: OMI; AIM: OMI) is a minerals explorer and developer currently operating in Colombia, Argentina and Nigeria.
Forward Looking Statements
All statements, other than statements of historical fact, contained in this news release constitute "forward looking statements" within the meaning of applicable securities laws, including but not limited to the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release.
Forward-looking statements include, without limitation, the continuing focus on the Pepas prospect, the exploration plans in Colombia and the funding of those plans, and other events or conditions that may occur in the future. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Such statements are subject to significant risks and uncertainties including, but not limited to, those described in the Section "Risks Factors" of the Company's MD&A for the year ended May 31, 2024. The Company's continuance as a going concern is dependent upon its ability to obtain adequate financing, to reach profitable levels of operations and to reach a satisfactory closure of the Creditor´s Agreement in Uruguay. These material uncertainties may cast significant doubt upon the Company's ability to realize its assets and discharge its liabilities in the normal course of business and accordingly the appropriateness of the use of accounting principles applicable to a going concern. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.
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